From Wall Street to HYPE Street: Institutions Bet on Crypto
Weekly Market Update #75
In partnership with Elementus
Happy start to the week! Welcome back to the Reflexivity Weekly Market Update — your concise rundown of the biggest moves in crypto. If someone forwarded you this, you can Sign up here for free to get it straight to your inbox!
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Before jumping into last week’s action, check out some of the research published last week by the Reflexivity team:
Major Market Developments:
🏦 JPMorgan → “JPMD” stablecoin trademark filed
📜 Vietnam enshrines crypto as legal property
🛠 Aave v4 architecture teased for 2026 launch
☁️ Eigen Cloud brings restaking infra to SaaS
💰 Eyenovia parks $30 M in HYPE treasury tokens
🔓 Nobitex exchange hacked for ~$80 M
🔍 Polygon co‑founder spins out zk start‑up ZisK
🐮 CoW Swap rolls out MEV‑free FCBAs
📈 Bloomberg ups spot‑ETF odds to 90 %+; $VSOL lands on DTCC
🏗 JD.com & Visa target global stablecoin rails; Yellow Card expands in EMs
🔹 MicroStrategy nabs more BTC
⏳ Pump.fun token auction postponed to mid‑July
Fear & Greed Index:
Sentiment slid into the upper‑fear band this week, printing 37 after two months near 50. Historically, readings in the high‑30s mark consolidation phases rather than panic capitulations. Traders appear risk‑off but not distressed, awaiting spot ETF approvals, macro data and clarity on the latest hacks before redeploying capital.
Note: The index ranges from 0 (extreme fear during capitulations and sell-offs) to 100 (extreme greed during euphoric, overbought conditions).
ETF Flows:
From 16 to 20 June, spot-Bitcoin ETFs attracted roughly 1.02 billion dollars. BlackRock’s IBIT accounted for almost the entire haul, taking in 1.23 billion, while Fidelity’s FBTC slipped 62 million and ARK/21Shares’ ARKB saw 188 million of redemptions. A hefty 639 million came into IBIT on 17 June, offsetting the large FBTC and ARKB outflows that day, and another 279 million followed on 18 June. Activity paused on 19 June (the Juneteenth market holiday) and ended with a quiet 6 million addition on 20 June.
Spot-Ethereum ETFs were far calmer, finishing the same window 40 million dollars higher. BlackRock’s ETHA added 48 million, modestly outweighed by a 15 million pull from Fidelity’s FETH and a 9 million exit from Bitwise’s ETHE. Daily flows were small: net creations of 21 million, 11 million and 19 million on 16-18 June were followed by no activity on the holiday and an 11 million outflow on 20 June. The contrast suggests investors are still comfortable adding Bitcoin exposure via IBIT, while demand for Ether products has slowed to a trickle.
Spotlight 🔦
Ophthalmology-tech firm Eyenovia (NASDAQ: EYEN) is transitioning from drug-delivery devices into DeFi by allocating $50 million of corporate cash to create a Hyperliquid treasury. The company purchased 1.04 million HYPE tokens at roughly $34 apiece, making it one of the largest public‑market holders of Hyperliquid governance power. Management says the move diversifies treasury assets while granting upside to the exchange’s cash‑flow model, which redistributes trading fees to stakers. With Hyperliquid volumes surging and institutional interest rising, Eyenovia’s wager illustrates how corporates are extending beyond Bitcoin into high‑yield protocol tokens. If HYPE appreciates and a fee-share grows, Eyenovia could set a template for mid-cap firms seeking crypto-native yield without leaving the public-equity arena.
Rapid Reflexivity: Quick Market Takes ⚡
Vietnam’s crypto law — Parliament voted to classify digital assets as property, effective Jan 2026; contrasts with Brazil’s new flat 17.5 % tax on all crypto gains.
JPMorgan → “JPMD” — Trademark filing hints at a bank‑issued USD stablecoin for wholesale clients.
Aave v4 blueprint — Modular “Facilitator” design, unified cross‑chain pools and built‑in account abstraction on the roadmap.
Eigen Cloud — EigenLabs launches cloud service for restaking infra, backed by an extra $70 M from a16z.
Polygon co‑founder spins off “ZisK” — a new zero‑knowledge venture aimed at consumer privacy.
CoW Swap’s FCBAs — intent‑based “Flash‑Commit Batch Auctions” promise lower slippage and MEV resistance.
Pump.fun delay — $PUMP token auction slid from 25 Jun to mid‑July to finalize audit tweaks.
Solana ETF progress — VanEck’s $VSOL now visible on DTCC listings, indicating back‑office readiness.
MicroStrategy’s latest nibble — bought 245 BTC for $26 M, pushing holdings above 215 K BTC.
Stripe × Coinbase × Shopify — trio pilots USDC rails to cut checkout fees and settlement times.
Yellow Card + Visa — expanding USDC payment corridors across Africa & LatAm emerging markets.
Nillion Enterprise Cluster — Deutsche Telekom, Alibaba Cloud and Vodafone nodes enable privacy‑preserving compute.
HYPE on a balance sheet — Eyenovia joins Tony G’s company as early adopters, buying 1.04 M HYPE at ~$34 each.
KAIA was the top gainer this week following it becoming the first Layer-1 to join the Japan Blockchain Association, gaining access to major Japanese networks. This also coincided with the launch of KaiaHub, boosting real-world utility through swaps, dApps, and asset tracking amid rising Asian adoption.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky, and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose, and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.